Polestar, the Swedish electric performance car brand, began trading on the Nasdaq in New York as of June 24. Polestar will trade under the ticker “PSNY.”
The U.S. listing marks another significant milestone for the brand that launched in 2017. A unique combination of start-up agility with access to established automotive OEM manufacturing expertise and capacity, Polestar has launched two award winning cars and has more than 55,000 of them on the road, globally.
“This is a hugely proud moment for the entire team at Polestar,” said Thomas Ingenlath, CEO of Polestar. “We will now open a new chapter in our story that can be summarized in one word – growth. By 2025 we aim to be selling 290,000 cars per year, 10 times as many as we sold in 2021. We already have a real and successful business; this listing gives us the funds and platform to help deliver our ambitious future plans and drive industry-leading sustainability goals forward.”
The Nasdaq trading debut follows a strong start to 2022, according to the company. Polestar recently announced record sales for the year-to-date, and robust global customer orders for Polestar 2, its all electric fastback, of more than 32,000, an increase of 290% versus the same period in 2021. Polestar also increased its presence to 25 markets, up from 19 at the end of 2021, supported with nearly 130 retail locations.
Ingenlath continued, “We are adding three new premium electric cars to our line-up by 2024, starting with the launch of our first SUV, Polestar 3, later this year. This attractive product portfolio will be the base for Polestar’s growth in the most attractive, high-margin, global EV segments.”
Polestar will ring the opening bell at Nasdaq in New York City on June 28 to celebrate its debut as a publicly traded company. A live stream of the event can be viewed online at https://livestream.com/accounts/27896496/events/10423292.
